C000076421 Fees and Costs — Salient Select Income Fund, Investor Class
Data updated: 2022-11-17
The net expense ratio is 1.50% (1.77% before fee waivers). There are no sales loads or redemption fees. In fiscal 2021 the fund paid $542K in broker commissions, 0.1683% of average net assets, and portfolio turnover was 82%.
C000076421 Fees and Expenses
Annual operating expenses and sales charges of C000076421. Prospectus, as of April 30, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.47% |
| Gross expense ratio | 1.77% |
| Fee waiver | −0.27% |
| Net expense ratio | 1.50% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
C000076421 Costs Over Time
On $10,000 invested in C000076421, assuming 5% a year before costs, total costs come to $1,030 over 5 years, cutting the return by 1.75% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.50%) | $158 | $488 | $840 |
| Trading costs (broker commissions) | $18 | $55 | $94 |
| Lost growth on money paid in costs | $0 | $27 | $95 |
| Total costs | $175 | $570 | $1,030 |
| Value after costs | $10,325 | $11,006 | $11,733 |
| Impact on return, per year | 1.75% | 1.75% | 1.75% |
C000076421 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2021.
- Explicit cost rate (commissions ÷ average net assets): 0.1683%
- Total broker commissions: $542K
- Bought from dealers (principal trades, not a cost): $56.9M
- Portfolio turnover (prospectus): 82%
- Securities lending: none during the year
C000076421 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BLOOMBERG TRADEBOOK LLC | $394K | 74.87% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $29K | 5.57% |
| EVERCORE GROUP L.L.C. | $29K | 5.47% |
| BOFA SECURITIES, INC. | $26K | 5.04% |
| SAMUEL A RAMIREZ & CO., INC. | $15K | 2.84% |
| RAYMOND JAMES FINANCIAL SERVICES, INC. | $9K | 1.68% |
| SUNTRUST INVESTMENT SERVICES, INC. | $7K | 1.38% |
| FALCONBRIDGE CAPITAL MARKETS, LLC | $7K | 1.34% |
| JONESTRADING | $5K | 1.01% |
| CITICORP SECURITIES SERVICES, INC. | $4K | 0.81% |
C000076421 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BMO CAPITAL MARKETS CORP. | $11.1M | 20.49% |
| WELLS FARGO SECURITIES, LLC | $9.8M | 18.00% |
| MERRILL LYNCH PROFESSIONAL CLEARING CORP. | $6.3M | 11.60% |
| MORGAN STANLEY | $5.8M | 10.61% |
| BROWN BROTHERS HARRIMAN INVESTMENTS, LLC | $4.3M | 8.00% |
| BTIG, LLC | $3.8M | 7.09% |
| RAYMOND JAMES FINANCIAL SERVICES, INC. | $3.8M | 6.92% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $3.4M | 6.33% |
| JPMORGAN DISTRIBUTION SERVICES, INC. | $3.3M | 6.05% |
| SAMUEL A RAMIREZ & CO., INC. | $2.7M | 4.92% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.